While the company’s revenue for the 2HFY2022 improved some 17.6% y-o-y and 6.8% h-o-h to $67.6 million and stood above expectations at 56.2% of the analysts’ FY2022 forecast, higher costs dragged down its overall net profit.
CGS-CIMB Research analysts William Tng and Izabella Tan have kept their “add” call on Vicplas International with an unchanged target price of 27 cents after the company reported profit after tax of $8.8 million for the FY2022 ended July 31, down 15.0% y-o-y.
The unchanged target price is based on a P/E of 11x for the calendar year (CY) 2023 (FY2017-FY2022 average forward P/E).
